A NYC condo is one of the most valuable tangible assets and deserves comprehensive coverage on an extended replacement cost (ERC) or replacement cost (RC) basis. This limit represents the cost to rebuild your condo from the studs in. Often, this limit is underestimated and can lead to negative outcomes. Additionally, not all condo policies are the same. Most standard policies, known as ISO H06 policies, are narrower and on a named perils basis (called broad form). We recommend Chubb’s comprehensive New York City condo insurance, an “all-risk” or “special form” policy that covers everything except listed exclusions. With fewer exclusions than competitors, it’s ideal for NYC condos.

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Understanding water damage coverage for your New York condo is critical because most condo policies limit water damage protection, even those labelled as "special form" or "all risk." Imagine a pipe bursting while you’re away, flooding your entire condo and damaging the downstairs neighbour’s ceiling. With proper condo insurance in NYC, the damage to your floors, cabinets, and walls—and even your neighbour’s condo —is covered, saving you millions. Dishwasher backups, overflowing toilets, leaky appliances, condensation, etc, can cause significant damage too. For the best Insurance for your luxury condo in NYC and water damage coverage up to extended replacement cost limits, we recommend Chubb Insurance. Read our blog on water damage to learn more.

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Condo insurance promises to rebuild to the original condition after a loss; one must meet codes set by Federal, State, County, or City standards. Compliance increases costs for architects, engineers, and demolition of undamaged areas to meet updated fire, plumbing, and safety standards. If you own a condominium, most NYC condo policies restrict ordinances or laws, and it is expensive to expand. For the best cost-efficient coverage for ordinance or law and New York property insurance, we recommend Chubb. The right New York property insurance helps protect your condo and wallet from costly compliance issues.

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Mold is present in every property—wherever there’s water, mold can grow. Insurance typically covers losses that are “sudden and accidental,” but mold growth is often gradual and unnoticed, such as a small leak behind walls, in cabinets, or under floors. Over time, this can lead to health issues or even toxic black mold. After a water loss, mold can begin forming within 24 to 48 hours. Due to its complex nature, most condo policies exclude mold coverage. However, Chubb Insurance offers some of the best protection for condo insurance in New York. Choosing the best condo insurance NYC helps safeguard against hidden leaks, wall and cabinet mold, and ensures your home stays safe, healthy, and fully protected from unexpected damage.

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Personal property includes everything inside your NYC condominium that isn’t permanently attached, like furniture, clothes, and appliances. Most New York condo policies offer limited coverage, valuing items at an actual cash value under a named peril policy. A standard HO-6 condo policy covers contents only against a limited set of named perils, which exclude many risks. Hence, we suggest an all-risk or open peril policy. Secondly, most of “your stuff” is not worth much on an actual cash value basis (think of clothes, dresses, suits), and we recommend replacement cost valuation for full value protection. For the best all-risk, replacement cost coverage of personal property, we recommend Chubb.

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What would you do if your condominium were too damaged to live in and you had to find temporary housing? That’s where loss of use coverage steps in to cover your extra living expenses like rent, hotels, food, transportation, etc. Because rebuilds take a LONG TIME (see ordinance or law), loss of use is critical. Even if your condominium unit, rented to others, becomes uninhabitable, that portion of the rent may also be covered. Many insurers impose restrictions on your temporary housing options, duration, location, and cap the amount you can spend after a loss. To get the best condo insurance nyc coverage, we recommend Chubb Insurance.

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Owning a New York condo also means being part of a shared building where losses can affect everyone. If damage occurs to the structure and the building’s master policy doesn’t pay, you could face a costly loss assessment. Common reasons a commercial policy may not pay include: the board didn’t buy the right coverage (e.g., they omitted earthquake), dispute in coverage, insurer doesn’t want to pay, a high deductible, or simply a long delay in payment. While this is an economic loss to you as the NYC condo unit holder, most HO6 condo insurance policies will not cover this loss. For comprehensive protection and to safeguard your finances and peace of mind, we recommend Chubb Insurance for your New York condo loss assessment coverage.

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Umbrella insurance protects savings and assets by providing additional liability coverage beyond the limits of your existing policies. Serving as an extra layer of protection, sitting above your standard home and auto liability coverage. Safeguarding yourself against liability is one of the most critical components of a strong financial portfolio. For this reason, we recommend clients carry a few million dollars in umbrella coverage. This added protection, with your HO6 condo insurance, helps guard against major financial loss or liability claims, or even potential bankruptcy. Please see our blog on the importance of personal liability, litigation finance, and Warren Buffett’s advice on not losing money by avoiding losses.

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High-value items deserve equally high protection. Most New York condo insurance policies will restrict or exclude coverage on certain items such as watches, jewellery, art, coins, stamps/collectables, cameras, furs, silverware, precious metals, and other valuables. The reason is that these items are expensive and at high risk. Even if covered, they may not be covered on a true all-risk basis, have many exclusions, etc. Furthermore, the carrier may give a hard time upfront, demanding multiple appraisals or giving problems on the back end, paying the claim (e.g., if the item is harder to value). For broad coverage and reliable New York property insurance, we strongly endorse Chubb Insurance for all your valuables.

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Modern condos rely heavily on electrical systems and appliances — from HVAC units to washers and refrigerators. Unfortunately, many standard New York condo insurance policies don’t automatically cover equipment breakdowns. For example, an electrical arch or power surge may damage your heaters, air-conditioner, refrigerator, boiler, fan, washer/dryer, dishwashers, and other home appliances. While equipment breakdown coverage is not designed to cover normal wear and tear, it can be useful for protecting your NYC condo’s equipment and appliances against sudden damage. If you are interested in the best Equipment Breakdown homeowners insurance condo, we recommend Chubb Insurance.

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Many owners underestimate the need for New York condo insurance that includes earthquake coverage. Believe it or not, NYC is susceptible to earthquakes and suffered a 5.8 magnitude earthquake stemming from Virginia in 2011 and a 4.8 magnitude earthquake in 2024. If either had been higher, damage could have been devastating. Since most NYC buildings are older, the construction is not as earthquake-resistant as newer cities, say in California. Also, the population density and vertical structures make earthquake risk extremely high in NYC. As such, many insurers will not cover earthquakes, and even if they do, the premiums will be high. For the industry’s best earthquake protection to cover this tail risk, we strongly recommend Chubb Insurance.

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Even if you live in a New York condo, you are still at risk from outside water entering your unit, such as runoff water from heavy rains. Flooding is a major threat to any condominium, not just those near the coast. If your building is uninhabitable after a flood like during Hurricane Sandy, you may need to relocate for months or even for years while repairs are made to restore its mechanicals, heating, electricals, and elevator systems. Flood coverage remains one of the most underinsured risks in the U.S., often limited by government programs with narrow coverage and low limits. For the most comprehensive protection against water and flood damage, we recommend Chubb Insurance.

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In today’s digital world, cyber threats pose a growing risk for every New York condo owner. Hackers increasingly target individuals, not just businesses, because most individuals lack the robust security measures that companies are required to maintain. Cyber insurance is rapidly growing, but still has limited product availability. Insurers struggle to price cyber insurance because it’s new, lacks data, and evolves quickly as hackers constantly change tactics. Furthermore, as an NYC condo owner, you likely lack cybersecurity protection and hence are a prime target for cybercrime. To ensure you have the highest level of protection, we recommend Chubb Insurance, which offers comprehensive cyber insurance options tailored for New York condo owners.

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